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Bitcoin (BTC) to Ether (ETH) Reaches Highest Level Since July

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Tue, 21/03/2023 - 7:28
Bitcoin (BTC) to Ether (ETH) Reaches Highest Level Since July
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The Bitcoin to Ether (BTC/ETH) price ratio has reached its highest level since July 2022 as Bitcoin outperforms the broader crypto market, according to a recent report by Kaiko. 

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The crypto king has recorded a 31% increase since March 12, compared to ETH's 18% gains.

The price ratio serves as an indicator of BTC's dominance relative to altcoin markets. It has historically been an important tool for gauging investor sentiment. 

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After Ethereum exploded in popularity in 2017, the idea of flippening (a hypothetical event in which Bitcoin loses its crown) has been a topic of debate for years. However, the largest altcoin is yet to come close to surpassing the original cryptocurrency.

The crypto king's growing dominance is likely linked to the fact that the regulatory outlook for ETH has worsened over the past month. 

Crypto trading platform Kraken announced in early February that it will wind down its retail ETH staking business in the U.S. as part of its settlement with the SEC.

Moreover, the New York attorney general argued that the native token of the second largest proof-of-stake blockchain is a security in a case against crypto exchange KuCoin. SEC Chair Gary Gensler has also repeatedly implied that Ether is not a commodity.

There is also uncertainty around the market impact of the much-hyped Shanghai upgrade, which will enable staking withdrawals. 

The report also shows that crypto trade volumes have reached a four-month high amid a broad market rally dominated by Bitcoin.

On March 14, trade volumes on the 18 most liquid centralized exchanges soared to $51 billion, hitting four-month highs.

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